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Manchester United Foundation to be targeted in Ratcliffe costs purge
Manchester United Football Club is to cut the funding it provides to its charitable arm as part of a purge of costs being overseen by Sir Jim Ratcliffe, its newest billionaire shareholder.Sky News has learnt that the Premier League club plans to inform the Manchester United Foundation that it intends to curb the benefits it …
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Huge boost to turnover and profit at Durham construction firm MGL Group
Growth is in the works for Durham construction and demolition specialist MGL Group after it reported a significant jump in turnover and profits. The 53-year-old firm, which provides services such as civil engineering, asbestos remove and asphalt production, recorded a 62% boost to turnover of £169.9m in the year to the end of March 2024. …
Business
Sky News
Starmer throws down gauntlet to watchdogs with growth edict
Sir Keir Starmer has ordered Britain’s key watchdogs to remove barriers to growth in a bid to kickstart Britain’s sluggish economy.Sky News has learnt that the prime minister wrote to more than ten regulators – including Ofgem, Ofwat, the Financial Conduct Authority and the Competition and Markets Authority – on Christmas Eve to demand they …
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Business Live
The North East’s top 10 companies of 2024, as chosen by BusinessLive
Wootzano The robotics firm was named Business of the Year at the North East Business Awards after another year of multimillion-pound orders. The company, which has developed specialised robots for fruit and food picking, moved to a new base at the Cobalt Business Park in North Tyneside, and is targetting growth with a number of …
Business
Sky News
Searchlight shines on £140m funding package for insurer Wefox
Searchlight Capital Partners, the private equity firm which has backed companies including Secret Escapes, is to lead a new funding package for Wefox, the European insurance company, that could be worth up to €170m (£141m).Sky News has learnt that Searchlight has effectively proposed stepping in to refinance Wefox’s existing bank debt as the group seeks …
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Business Live
Plan revealed for £20m industrial research facility in Port Talbot
Plans for a new multi-million-pound industrial research facility in south Wales have been submitted. The proposed facility, named the South Wales Industrial Transition from Carbon Hub, or Switch, would be located in the Harbourside area of Port Talbot if given approval by Neath Port Talbot council, and is a part of the Swansea Bay City …
Business
Business Live
Three sport business trends to watch in 2025 as F1 dominance and women’s sport boom
Every other forecast you’ll come across, regardless of the industry, will attempt to elucidate the impact of AI on that sector in the forthcoming year. Most responses will echo Hemingway’s sentiment: AI will gradually and then suddenly take over. So, to prevent AI like Chat GPT from gaining too much of an advantage in achieving …
Business
Business Live
The year in North East business 2024 – economic turmoil impacts on firms
Our end-of-year round-up of the North East business scene traditionally begins with a view on the state of the economy – not always happily in recent years. It has been some time since we could give a particularly positive outlook and this year is no different. 12 months ago we slightly optimistically described the economic …
Business
Business Live
Hull family firm Rix Petroleum expands Lincolnshire presence with new acquisition
Humber business Rix Petroleum Ltd has strengthened its Lincolnshire base after snapping up a Grantham-based fuel provider. The company, which has its head office in Hull, has acquired EFuels Ltd for an undisclosed sum – a deal which brings the number of fuel depots it owns and operates in the county to four, alongside others …
Business
Sky News
Oxford herbicide spinout Moa seeds $40m funding round
An Oxford University spinout which is developing a new generation of weed-resistant herbicides has begun planting a $40m (£32m) fundraising with prospective backers.Sky News understands that Moa Technology, which was co-founded by the world-leading university’s head of plant sciences Professor Liam Dolan, is kicking off a Series C funding round. Moa has already raised $59m …
Business
Business Live
Thames Water faces backlash for allegedly using environmental funds for bonuses and dividends
Thames Water has been accused of diverting millions of pounds, originally earmarked for environmental clean-ups, to fund bonuses and investor payouts. The Guardian reports that secret discussions were held to assess the risk of public and regulatory backlash against such a move, which could be perceived as a breach of the company’s license commitments and …
Business
Sky News
Aviva agrees to buy Direct Line for £3.7bn
Aviva has agreed a deal to buy rival company Direct Line for £3.7bn ahead of a Christmas Day deadline.The insurance firm announced the agreement with its smaller competitor a few weeks after a £3.3bn bid was turned down in November. A deal for the two firms would make them a force in motor insurance, estimated …

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